AI for Robots Market Research, Segment, Progress, Growth Rate, and Global Forecast 2023

Market Highlights

Artificially intelligent robots can be described as service and industrial robots, which are integrated with artificial intelligence (AI) technology. AI robots have the ability to certain repetitive tasks with no human intervention and are able to communicate with humans. Sometimes, they are also able to interact with other peer robots. Hardware like AI processors as well as network devices coupled with the AI platform are the primary components that differentiate AI robots from traditional robots.

Market Research Future presents a new half-cooked research report on the global AI robots market. The report contains a detailed look into the market’s present conditions, enabling an accurate assessment of the market’s growth potential in the 2018-2023 forecast period. According to the report, the global AI robots market is expected to grow at a robust CAGR of 28.24% over the 2018-2023 forecast period. The AI robots market was valued at USD 2.96 billion in 2017 and is expected to rise to USD 12.01 billion by 2023.

Rising adoption rate of big data, as well as advanced AI, has majorly benefited the worldwide artificial intelligence robots market. A number of end-use industries are making use of artificial intelligence robots, including retail and business analysis which also augments market demand. Plus, increasing need in the machine interpretation zones, protest observation, and question acknowledgment further stimulate demand for artificial intelligence robots.

Other important factors driving the market growth include high adoption of robots for personal use like for companionship and entertainment along with massive funding from governments for development of modern technologies.

Also Read: https://www.marketwatch.com/press-release/global-ai-robots-market-driven-by-the-demand-from-north-america-ai-robots-market-size-share-growth-current-trends-and-industry-analysis-2020-05-04?mod=mw_quote_news

Regional Insight

Geographically, the global AI robots market is segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World. North America is the leading regional AI robots market at present due to the strong development of the robotics sector in countries such as the U.S. Rapid development of robotics technology is likely to ensure North America’s dominance in the global AI robots market over the forecast period. The healthcare sector as well as the retail and military sectors in the region are highly welcoming towards robotics, leading to favorable growth prospects for the AI robots market over the forecast period.

Asia Pacific is likely to be the fastest growing regional market for AI robots over the forecast period due to the rapid technological development in countries such as China, India, and Japan, where robotics has emerged as a major field of study in recent years.

Significant Vendors

Some of the esteemed vendors shaping the worldwide AI robots market are Intel, Alphabet, Jibo, IBM, NVIDIA, Xilinx, Fanuc, Amazon, Asustek Computer, Softbank, Hanson Robots, Mayfield Robotics, Microsoft, Harman International Industries, Kuka, ABB, Neurala, LG, Blue Frog Robotics, Promobot, to name a few.

Industry Update

Toyota has partnered with AI startup Preferred Networks Inc. with the aim of designing robots that can help at home. These AI robots have the ability to learn in typical living environments, and would be used in hospitals and homes to cater to the aging population.

Segmentation:

The worldwide AI for robots market has been divided based on offering, type, technology, and application.

In terms of offering, the global AI robots market includes software and hardware. The types of software are AI platforms and AI solutions, while the types of hardware are processors, storage devices, and network devices segments. The software segment is at the top position in the AI robots market, but the hardware segment is touted to achieve the fastest CAGR during the review period.

With respect to type, the global AI robots market consists of service robots and industrial robots. Industrial robots could be the fastest-growing segment in the coming years and can be narrowed down to traditional industrial robots and collaborative industrial robots.

Depending on the technology, the global AI robots market is considered for machine learning, context awareness, computer vision, and natural language processing. Machine learning has emerged as the leading segment in the AI robots market but can be toppled from the top spot by the computer vision segment in the near future.

Application-wise, the AI robots market caters to public relations, healthcare, education and entertainment, law enforcement, personal assistance and care, military and defense, industrial, agriculture, stock management, research and space exploration, and others. Stock management AI robots are projected to achieve the fastest growth rate during the given timeframe, owing to rapid expansion of the retail and ecommerce sector as well as the increasing adoption of AI tools in these sectors. The military and defense segment, however, is at the forefront of the AI robots market.